The rumors can finally be put to rest in Toronto, the Reds may have their man. The club announced Friday that they have signed Argentine midfielder Matias Laba to a Young Designated Player contract.

Laba is the league’s third Young DP, following the footsteps of other South American youngsters in FC Dallas’ Fabian Castillo and D.C. United’s Rafeal.

“We are really excited to have Matias join us. He is an exciting and energetic young player that’s captained his side and shown real leadership qualities,” said Toronto FC Head Coach Ryan Nelsen. “He has a great intensity to his play that is infectious to watch and will be a great addition to the club.”

The 21-year old joins Toronto FC after spending the past three seasons with Argentinos Juniors of the Argentine Primera División. He made 72 appearances in all competitions for the club.

Laba was selected for Argentina’s U-20 National team and represented his country at the 2011 FIFA U-20 World Cup in Colombia. He appeared in all five of Argentina’s matches during the tournament.

As a Young DP, Laba will cost Toronto $200k towards their salary cap on the season. No word yet if that number will be lower as some could argue that this is a midseason signing. That would only save Toronto $50k if that were the case.